Parallel Capital Partners Inc. bought the 20-story building at 301 E. Ocean Blvd. from Guggenheim Real Estate of New York and Bantry Holdings of San Marino, according to real estate broker Kevin Shannon of CBRE Group Inc., who represented the sellers.

The tower was developed in 1988 along with the adjoining 469-room Westin Long Beach Hotel. The 383,652-square-foot building is 90% leased to such tenants as the General Services Administration, U.S. Customs, Comerica bank, Tidelands Oil, Department of Defense and UBS Financial Services.

“Downtown Long Beach is undergoing a significant renaissance and transforming from a maritime-centric economy into one of Southern California’s most diversified and dynamic waterfront urban destinations to live, work and play,” said Matt Root, chief executive of Parallel.

“Adding to its appeal, the property is in close proximity to the ports of Long Beach and Los Angeles — two of the most active ports in the nation — as well as a number of high-profile Pacific Rim companies,” he said.

The deal was the second major purchase for Parallel in less that two weeks. Last week, Parallel announced the $72.5-million acquisition, in a joint venture with Sam Zell’s Equity Group Investments, of Wateridge Plaza in San Diego’s Sorrento Mesa business hub.

Shoreline Square is one of three trophy-quality high-rises in Long Beach, broker Shannon said. The other two are One World Trade Center at 701 W. Ocean Blvd. and Landmark Square at 111 W. Ocean Blvd.

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